Streamlined Small Business Loans (SBA)

Getting a small business loan does not have to be complicated if you have good credit. Reward your business with a small business loan without endless paperwork.  If you have worked hard to build and maintain your personal credit then a small business loan is for you. Most of the time tax returns and financials are not required. Find out more on how Wise Man Finance can help your business with a small business loan.

SBA Loan Overview

The SBA helps new and existing small business owners obtain loans for working capital. The funds can be used for business expansion, marketing, labor, etc. Staying within a smaller loan amount allows the business owner to not put up collateral. These loans are unsecured business term loans; therefore, giving the small business owner seven to ten years to pay back the loan without a prepayment penalty. Most business owners find that small business loans are a great way to get the capital needed to grow their business.

The SBA is the government administration established to help small business owners, either start-up entrepreneurs, or established businesses, who cannot find conventional financing. It is easier to receive financing with the help of a government guarantee. These guarantees are given to lenders to help strengthen a loan in the eyes of the lender. The government does NOT lend the money. The SBA Loan Programs are only available in the United States.

Who Lends The Money?

SBA loans are funded by banks, credit unions, and private lenders, licensed by the US Small Business Administration as a part of the SBA lending program. The loan must not only fit into the qualifications of SBA but also the lender's standards. Finding the right lender to work with is extremely vital. Wise Man Finance has a working relationship with a lender that simplifies the qualification process.

Eligible Businesses:

Most small businesses are eligible for the small business loan program.

• The applicant must be a for profit business
• The business must be independently owned
• The business must be non-dominant in its field
• The business must be located in the U.S.
• The business must show a need for the loan
• There are three basic criteria for eligibility:
  • Type and Size
  • Use of proceeds
  • Personal Resources

Ineligible Businesses:

• Investment real estate – apartments, rental housing or multi-tenant buildings
• Agricultural and farm businesses
• Medical facilities such as nursing homes or assisted living facilities
• Mines
• Applicants doing business in foreign countries
• Businesses engaged in teaching, instructing, counseling or indoctrinating religion or religious beliefs, whether in a religious or secular setting.
• A business with any products or services of a sexual nature
• Fishing and shore operations
• A business that is engaged in lending (with the exception of Mortgage Brokers)
• A business that is engaged in gambling
• A business that is engaged in pyramid sales and distribution
• A business or borrower that has a prior loss to the government
• Not for profit business
• Speculative real estate or business ventures
• Certain franchises with too much control
• Apartment buildings
• Storage units

Community Express Program

In October 2008, the SBA introduced the newly restructured and enhanced Community Express Pilot Loan program. Approved SBA lenders are authorized to adopt the SBA’s most streamlined and expedited loan procedures to provide a unique combination of financial and technical assistance to borrowers located in the nation’s underserved communities.

Patriot Express Program

All Eligible Veterans, Spouses, Reservists, and National Guard Members.

Export Express Program

Export working capital program for businesses exporting out of the country. The business must be in business for at least two years to be eligible.